What is the term for Generally Accepted Accounting Principles?

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Multiple Choice

What is the term for Generally Accepted Accounting Principles?

Explanation:
GAAP stands for Generally Accepted Accounting Principles, and it refers to the framework of accounting standards used to prepare and present financial statements in a consistent, comparable, and reliable way. This is what the term denotes—the set of rules governing financial reporting—unlike financial reports themselves, which are the documents produced, or assets and liabilities, which are items on those statements.

GAAP stands for Generally Accepted Accounting Principles, and it refers to the framework of accounting standards used to prepare and present financial statements in a consistent, comparable, and reliable way. This is what the term denotes—the set of rules governing financial reporting—unlike financial reports themselves, which are the documents produced, or assets and liabilities, which are items on those statements.

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